Your revocable trust is a legal entity that holds and manages your assets during your lifetime and distributes them to your beneficiaries according to your instructions after your death. But for your trust to do its work effectively, you need to actually transfer/fund your assets Continue reading
A client from Orland Park recently inquired regarding the 2023 lifetime exemption amounts for gifts and transfers at death. The update is that the lifetime exemption for gifts and transfers at death has been increased in 2023 to $12.92 million (up from $12.06 million for 2022).
What Continue reading
What is “marital property” and how does it come into play in estate planning?
This is a question that comes from a client in Palos Heights, Illinois.
The classification of property as “marital property” or “non-marital property” is important in a divorce setting and related property Continue reading
Many families avoid planning for their estate because they do not know where to start and are unsure what documents are needed when planning their estate. We are often asked by clients if they need a will or a trust to plan their estate. While there are many options to consider when Continue reading